Zee Entertainment shares zoom 25% after merger announcement with Sony Pictures Networks India

The share of Zee Entertainment (ZEEL) zoomed 25% on Wednesday, after the company announced a merger with Sony Pictures India. According to Livemint, the stock jumped to its 52-week high of ₹319.50 on the Bombay Stock Exchange (BSE). At National Stock Exchange (NSE) too, ZEEL was trading at its 52-week high of ₹319.60.

ZEEL said on Wednesday that its board of directors has unanimously provided an in-principle approval for the merger with Sony Pictures Networks India (SPNI).

“The board has evaluated not only on financial parameters but also on the strategic value which the partner brings to the table. The board concluded that the merger will be in the best interest of all the shareholders and stakeholders,” it said in a statement.